Five Big Risks for Renters

Unprepared for Disaster

Are you renting an apartment or home? You may think you’re covered by your landlord’s insurance for unforeseen disasters, such as fires or floods, or a nasty electrical surge. The truth is, there’s a good chance you’re not.

While renting comes with fewer responsibilities than home ownership, you may be held financially accountable for damage done to your rental via an accident or disaster. Some disasters, like a major flood or fire, could render your rental uninhabitable for months at a time. Who’s going to pay to put you up in a hotel during that time? Your landlord may have insurance to fix the damage to your apartment, but chances are he or she isn’t going to cover your accommodation costs in the meantime. With renter’s insurance, however, you can file a claim to recover the costs of any items that were damaged by the disaster and file for money to cover the costs of your temporary accommodations.

Thinking You’re Covered

The biggest risk you can take as a renter is assuming you’re covered by your lease or landlord’s insurance without checking into it. Read the fine print on your lease agreement. Ask your landlord what their policy covers. If your home is broken into, will your landlord’s policy be able to replace the stolen items? Probably not. With renter’s insurance, however, you can file a claim for the financial and personal losses you’ve experienced from a break-in or disaster.

Too Little, Too Late

When disaster strikes, you want to be prepared. You might be procrastinating getting renter’s insurance, but you need to get on it! You never know when things can go wrong, and you want to be prepared in case something does. Hindsight may be 20/20, but it won’t help you replace all your lost or stolen furniture, electronics, clothing and precious memorabilia. If you’re delaying getting renter’s insurance, don’t. It costs very little money and can provide a lot of security and peace of mind.


If you’re living in an apartment building or housing complex that has other tenants besides you, you may be held liable for things that you didn’t cause. For example, your neighbour’s tub might overflow, damaging your apartment. Your landlord’s insurance might cover a portion of the repairs, but it might not cover all of it or be able to replace your damaged personal items.

Alternatively, if you have a leak or kitchen fire in your apartment that causes damage to another rental unit, you can be held financially and legally liable to pay for the costs of repair. If you have renter’s insurance, however, you insurer could step in and actually pay for the costs and may even help with the cost of hiring legal representation.

99 Problems But Insurance Ain’t One

If you’re renting an apartment, condo or house, the bottom line is that you need to have renters’ insurance. You never know when things could go wrong, and you want to ensure you’re covered in case they do so that you don’t have to face undue financial and emotional hardship. Don’t take unnecessary risks: get insured. Contact Sadler Insurance and speak to one of our brokers today.